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Inviting innovative ideas and suggestions on tax policy and administration

Inviting innovative ideas and suggestions on tax policy and administration
Start Date :
Sep 18, 2015
Last Date :
Mar 01, 2016
00:00 AM IST (GMT +5.30 Hrs)
Submission Closed

One of the key priorities of the Government is to provide a non-adversarial and a responsive tax administration with the main objective of creating an environment conducive for ...

One of the key priorities of the Government is to provide a non-adversarial and a responsive tax administration with the main objective of creating an environment conducive for achieving higher investments and growth. At the same time the focus is also on ensuring ease of doing business for the taxpayers. For individual taxpayers, Government endeavours to promote voluntary compliance by making compliance easy and reducing the cost of compliance for the taxpayers. These steps are aimed to ultimately result in buoyant revenue collections, reflecting higher growth, leading to higher standard of living and better quality of life for the citizens.

The Department of Revenue invites taxpayers and general public to provide innovative ideas and suggestions on tax policy and administrative issues with the objective of ease of doing business and reducing compliance cost for industries thereby facilitating buoyancy of revenue and increase in investment leading to higher growth.

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Showing 1495 Submission(s)
Patil Suchitra
Patil Suchitra 10 years 3 months ago
Namaste! Kindly consider to reduce the tax on medicines and VAT on medicines... Because, medicines are expensive for poor people..
Jayesh Kumar
Jayesh Kumar 10 years 3 months ago
Housing rents have increased substantially over last decade, much higher than salary/HRA increases. There is need of reform on tax benefits for housing, remove cap on rental benefit in form of HRA or salary, make it on "Actual rent" for registered rent agreements. If possible, reduce taxes on rental income so that rents could come down. As low income group is not able to own a house anyway forget about renting it out, it'll increase the compliance as well.
Jayesh Kumar
Jayesh Kumar 10 years 3 months ago
Introduce a retirement/long term saving product, offering tax free real interest rate of 2-3%, resetting quarterly. Could be in form of annuity scheme.
Jayesh Kumar
Jayesh Kumar 10 years 3 months ago
Cost of medical insurance has increased significantly, limit should be increased to 50,000 without any restrictions. Life/Accident insurances shall also be included. Interest income on bank deposits too for individuals shall be made tax-free upto 1 Lac, up from 10,000 in saving account.
Jayesh Kumar
Jayesh Kumar 10 years 3 months ago
Simplify tax benefits in case of housing. There are too many ifs and buts that confuse general public. Why not have a simple structure. Must increase the overall limit for housing keeping in view the increased cost of ownership. Why give benefit only on interest on loan, even down payment/principal shall be included to reduce indebtedness. Something like depreciation benefit, companies get for their assets.
Jayesh Kumar
Jayesh Kumar 10 years 3 months ago
Tax return forms shall be pre-filled (downloadable after login on the portal), so that one doesn't have to enter all the repetitive information all over again. Even income data can be pre-filled to reduce mistakes. So if one have only salary income and no other income, he can just check and submit the form and avoid going to Tax prepare person.
Jayesh Kumar
Jayesh Kumar 10 years 3 months ago
Incentives should be given for financial saving/investments irrespective of the instruments. Do away with instrument specific deductions/tax benefits. Give lump-sum incentive for savings/investment, say if invested for more than 3 years return generated would be tax free, whether equity, debt and bank deposits. Do away with separate benefit for insurance/PPF/NPS/RGESS/Tax free bonds etc. Make it clean and easy for all, not just some savvy investors.
HARESH TALREJA
HARESH TALREJA 10 years 3 months ago
As Govt has formulated Law/ Scheme for crabbing Black Money in abroad or in foreign countries by introducing Voluntary Compliance Scheme under Income Tax, before passage of GST or along with GST, Government may also introduce the scheme of crabbing black money within India by bring the similar policy for transactions or black money within India.
HARESH TALREJA
HARESH TALREJA 10 years 3 months ago
Suggestions for Tax Reforms:- The Government has clubbed the Education Cess & SHEC with the rates of Excise & Service Tax on 01/03/15 & 01/06/15 respectively, but no clarity was given for utilization of accumulated credit of Edu Cess & SHEC balance as on 28/02/2015, if the CBEC/ Govt. does not issue a clarification for the same, it will create a negative image for GST too, as people will be of the belief that accumulated credit will not be available for carry-forward & utilisation under GST Law